PRICE OF COPPER
Peak, Then Fall
(N.Z.P A.-Reuter—Copyright) LONDON, February 2.
An American decision to revoke an earlier ban on the export of copper led to a big drop in prices on the London Metal Exchange tonight. Earlier in the day the cash rate jumped £2l 5s a ton in four hours to reach a new high level of £697 10s. Dealings in futures were being made at £668 10s—£20 higher than last night. The big rise during the early trading was attributed by dealers to a demand from French buyers after an unconfirmed report that France might announce restrictions on copper exports. Then, during the later afternoon, it was reported from Washington that the United States had revoked its ban on the export of certain types of refined copper from which licences had already been issued. In a flurry of trading the cash price dropped by £7 5s to £690 a ton while the three months futures rate was lopped by £5 to £663 10s.
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Press, Volume CV, Issue 30976, 4 February 1966, Page 16
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166PRICE OF COPPER Press, Volume CV, Issue 30976, 4 February 1966, Page 16
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